Freight Farms, a vertical-farming business based in the US, has raised US$15m in a funding round.
The Series B funding round was led by specialist investment business Ospraie Ag Science while existing investor Spark Capital also participated.
The latest round brings the company’s total funding to more than $28m.
Boston-based Freight Farms said the cash raised will accelerate market expansion and fuel new technology innovation and services for its network of farmers and corporate partners
The investment follows the announcement last month of Freight Farms’ strategic national partnership with foodservice giant Sodexo to grow food onsite at schools and campuses throughout the US.
Brad McNamara, Freight Farms CEO, said: “It’s a big step forward for the industry when financial markets recognise and champion the value of creating a distributed food system.
“Aligned on mission-driven growth as a team, there is a massive opportunity before us to scale across global markets, propelling meaningful technology that’s already doing good.”
Jason Mraz, president of Ospraie Ag Science, said: “Freight Farms has redefined vertical farming and made decentralising the food system something that’s possible and meaningful right now, not in the ‘future of food’.
“Full traceability, high nutrition without herbicides and pesticides, year-round availability – these are elements that should be inherent to food sourcing. Freight Farms’ Greenery makes it possible to meet this burgeoning global demand from campuses, hospitals, municipal institutions and corporate businesses, while also enabling small business farmers to meet these needs for their customers.”
Freight Farms was founded in 2010 by CEO Brad McNamara and COO Jon Friedman, Its first vertical hydroponic farm – named the Leafy Green Machine – was built inside a shipping container.